Oil Back Above $50 as Supply Glut Shows Signs of Wearing Down

11 Oct 2017   Prices

Saudi Aramco will sell much less than requested in November A weaker dollar is seen lending support to crude oil prices Oil surged following signals that the world’s biggest crude exporters may extend or deepen supply cuts. Futures advanced 2.7 percent in New York for the biggest gain in two weeks. OPEC Secretary-General Mohammad Barkindo said more nations may join production limits the group hammered out with Russia and other exporters in late 2016, while the Saudis plan to restrict their own sales by a record amount within weeks. The falling value of the U.S. dollar also spurred some investors to buy because crude is priced in the currency. “There is a sense that we’re going to get a deal done,” Phil Flynn, senior market analyst at Price Futures Group Inc. in Chicago, said by telephone. Saudi Arabia’s announcement that it’ll sell fewer barrels than ordered next month “is […]

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